2024 09 04 - BF Bio - IM (Final)_240911_162621.pdf

BF Sciences pharmaceutical company Presenatation

1. BF BIOSCIENCES LIMITED
INFORMATION
MEMORANDUM
www.bfbio.com
PAKISTAN’S PIONEERINGBIOTECH MANUFACTURING FACILITY
Initial Public Offering

2. Table of Contents
07.
Page 25
Financial
Highlights01.
Page 3
Executive
Summary
02.
Page 6
Company
Overview
03.
Page 11
Proceeds
Utilization
Product
Portfolio
Industry
Overview
04.
Page 14
05.
Page 19
06.
Page 23
Key
Milestones
08.
Page 32
Directors &
Management
09.
Page 35
Investment
Highlights

3. 01. Executive Summary
BF BIOSCIENCES LIMITED
PAGE3

4. PAGE4
PKR2,915 Mn+
NET SALES –9MFY 2024
ArifHabibLimited(“AHL”)hasbeenmandatedbyBFBiosciencesLimited(“BFBL”or
the“Company”)toactastheLeadManagerforInitialPublicOffering(“IPO”).BFBL
intendstoutilizetheproceedsraisedfromIPOfor:
i.Purchaseofplant&machinerytobroadentheproductbaseandimproveprocess
efficiencies;
ii.AcquireexportcertificationssuchasPIC/S/SRAandnewproductdevelopment
includingGlucagon-likePeptide(GLP1);and
iii.Procurementofrawandpackingmaterials,formanagingworkingcapitalneeds.
Inthisregard,AHLwouldliketosolicityourinterestforparticipationaspertheterms
andconditionsincludedinthisInformationMemorandum(“IM”).
Establishedin2006throughcollaborationbetweenFerozsonsLaboratoriesLimited
andGrupoEmpresarialBagóS.A.,BFBiosciencesLimitedestablisheditselfasa
pioneerinbiotechpharmaceuticalsinPakistan.In2009,BFBLlaunchedits
manufacturingoperations,specializinginhepatitisandoncologytherapies.In2020,
BFBLsecuredapivotallicensefromGileadSciences,Inc.tomanufactureRemdesivir
undertheGlobalPatientSolutionsprogramandexportedtofifteennations,including
PIC/SregulatedcountriessuchasIndonesia,BelarusandUkraine.
BFBLembarkedonanambitiousexpansionproject"LineII"tostrengthenits
productioncapabilities."LineII"incorporatescutting-edgetechnologiesincludinga
state-of-the-artpre-filledsyringesline,a42squaremeterlyophilizer,acombifilling
line,andsupplementaryancillaryequipment.Theseenhancementsaregeared
towardsaugmentingBFBL'scapacitytomanufactureadiversearrayofbiologicaland
non-biologicalpharmaceuticals,includingvaccinesinfill/finishform.
PKR314 Mn+
NPAT -9MFY 2024
PKR5,882 Mn+
ASSET BASE –9MFY 2024
11%
PROFIT
AFTER TAX
LEADER
IN LOCAL MANUFACTURING
OF INNOVATIVE THERAPIES
PIONEERING
BIOTECH PHARMACEUTICAL
MANUFACTURING FACILITY
PESA AWARD
FOR EXPORT OF REMDESIVIR
TO 15NATIONS (YEAR 2021)
FINANCIAL
HIGHLIGHTS
EBITDA 22%
MARGIN
GROSS 43%
MARGIN
STRICTLYCONFIDENTIAL

5. PAGE5
Overview
BFBiosciencesLimitedintendstoissue25millionsharesrepresenting28.30%ofitspostIPOpaidupcapitalattheFloorPriceof
PKR55.00/-persharetopublic.
Issuer BFBiosciencesLimited(“BFBL”orthe“Company”)
Issue Size 25,000,000OrdinarySharesrepresenting28.30%oftotalPost-IPOPaid-upCapitaloftheCompany
Price FloorpriceofPKR55.00/-pershare,withacaponupperlimitof40%i.e.PKR77.00/-pershare.
Transaction Size PKR1,375,000,000atafloorpriceofPKR55.00/-pershareandPKR1,925,000,000atacappriceofPKR77.00/-pershare.
Offer Structure
TheIssueisbeingmadethrough100%BookBuildingprocesswherebythebiddersshallplacebidsfor100%oftheIssueSize.
However,thesuccessfulbiddersshallbeallocatedonly75%sharesandtheremaining25%shallbeofferedtotheretailinvestors.
Incaseretailportionremainsunsubscribed,theunsubscribedshareswillbeallottedtothesuccessfulbiddersonproratabasis.
Proceeds Utilization
TheCompanywillutilizetheproceedsraisedfromIPOto:
i.Purchaseofplant&machinerytobroadentheproductbaseandimproveprocessefficiencies;
ii.AcquireexportcertificationssuchasPIC/S/SRAandnewproductdevelopmentincludingGlucagon-likePeptide(GLP1);and
iii.Procurementofrawandpackingmaterials,formanagingworkingcapitalneeds.
LeadManager ArifHabibLimited(“AHL”)
Book Runner ArifHabibLimited(“AHL”)
STRICTLYCONFIDENTIAL

6. PAGE6
02. Company Overview
BF BIOSCIENCES LIMITED

7. PAGE7
BFBL
BFBListransformingthepharmaceuticallandscapewithinnovativesolutionslikehumaninsulin,advanced
GLP-1receptoragonists,andironreplacementtherapies,therebyredefiningpatientcare
BFBiosciencesLimitedwasincorporatedin2006
BFBLisajointventurebetweenFerozsonsLaboratoriesLimitedandGrupoEmpresarialBagóS.A,establishedto
developaBiotechPharmaceuticalPlantspecializinginthemanufactureofHepatitisandOncologymedicines
BFBiosciencessecuredanon-exclusivelicensefromGileadSciences,Inc.tomanufactureandsellRemdesivirfor
COVID-19,impactingover100,000patientsin15countriesandgeneratingapproximatelyRs.2billionintopline
revenueduringFY2021-FY2022
BFBLisapioneeringendeavor,establishingthecountry'sfirstpharmaceuticalfacilitydesignedinlinewithEU
andUSFDAstandardsbyleadingEuropeanPharmaceuticalDesigners“TelstarProjects”(LineI).
TheCompanyisengagedintheimport,manufactureandsaleofadiverserangeofpharmaceuticalproducts,
spanningkeytherapeuticareassuchasNephrology,Cardiology,Gastroenterology,Diabetes,Oncology,Anti-viral
andHepatology
Thecompanystandsoutbyproducinglife-savingmedicationslocally,makingthemaccessibletoallandreducing
relianceonimports
DuringCOVID-19,BFBiosciencesLimitedhaspropelledPakistanintotheexclusiveleagueofbiotech
pharmaceuticalsexporters,supplyingmedicinestoPIC/SregulatedcountriesincludingIndonesia,Belarusand
Ukraine
STRICTLYCONFIDENTIAL

8. PAGE8
Ferozsons(PSX:FEROZ)isapubliclimited
companyfoundedintheyear1956andisalso
listedonthePakistanStockExchange.
Ferozsonspossessesleadershipbrandsinthe
areasofgastroenterology,diabetes,anti-obesity,
cardiology,hepatology,urology,anti-viralsand
endocrinology.
ItisoneoftheleadingcompaniesinPakistan
maintainingexclusiveagreementswitha
numberofinternationalpartnersforin-licensed
manufacturinganddistributionofvarious
pharmaceuticalproductsandmedicaldevices.
Formoredetailspleasevisit:
https://ferozsons-labs.com
Founding Sponsors Profiles
BagówasincorporatedinArgentinain1934.Itwas
thefirstcompanytomanufacturepenicillin-based
productsinArgentinain1945.
Bagóisadiversifiedgroupengagedinvarious
activitiesincludingbiopharmaceuticalindustry,
animalhealth,distribution,insuranceandbulk
chemicalmanufacturing.
Ithasitspresencearoundtheglobethrough
strategicagreementswithlocalandinternational
partnersinvariouscountries.
Formoredetailspleasevisit:
http://www.bago.com
STRICTLYCONFIDENTIAL

9. PAGE9
Manufacturing
Facility
Facility
Designed as per
USFDA &
EMEA
Std.
GMPCertified
Uganda, Kenya
Designed By
Telstar Projects®
(Line I)
Pioneering
Biotech Facility
Plant Location
5 KM -Sunder Raiwind Road, Lahore
Area Covered
2-Acre, Situated Among FLL’s Sprawling 27-Acre Site
Power Supply
4,400 KW
High-Speed
Combi Line
Germany
High-Speed
Pre-filled Syringes
Germany
Large Volume
Lyophilizer Line
Spain
Premium
Technology
State of the Art
Infrastructure
Liquid - 2MLLiquid -
30ML
Lyophilizer -
2ML
Lyophilizer -
30ML
Pre-filled
Syringes -
0.5 ML
45,000
4,500
17,000
4,500 15,000
192,000
50,000
200,000
50,000 50,000
Line I and Line II Capacities (Daily Units)
Line ILine II
STRICTLYCONFIDENTIAL

10. PAGE10
APIs
Suppliers
Packings
Suppliers
SUPPLY
CHAIN
A strategic blend of global and
local sourcing for high-quality APIs
and packing materials, ensuring
both efficiency and quality across
the diverse product range
HOMOPOLY
MER
Finished
Goods
U.S.A
Argentina
Pakistan
China
India
Spain
France
STRICTLYCONFIDENTIAL

11. PAGE11PAGE11
03. Proceeds Utilization
BF BIOSCIENCES LIMITED

12. PAGE12
PROCEED UTILIZATION
The Company plans to utilize the proceeds
raised from IPO to:
i. Purchase of plant & machinery to broaden the
product base and improve process efficiencies;
ii. Acquire export certifications such as PIC/S /
SRA and new product development including
Glucagon-like Peptide (GLP1); and
iii. Procurement of raw and packing materials,
for managing working capital needs.
25Mn of the Post Issue
Issue Size
28.30%
Share Capital Ordinary Shares
Floor Price
PKR 55
Per Ordinary Share
Transaction Size
PKR 1,375Mn
At Floor Price
Initial Public Offering
IPO
Working Capital
647
Plant and
Machinery
560
141
Certifications Total
1,375
Transaction Details
In PKR Mn
9.38x
P/E Multiple
STRICTLYCONFIDENTIAL

13. 1240
850
835
Debt Financing Breakup (Rs. Mn)
HBL - TERF (10 Years)
MCB - TERF (10 Years)
Karandaaz (7 Years)
Total
2,925 Mn
PKR 2,925 Mn
Debt
Rs. 4,000
Mn
Total Capex already Incurred for Line II
PKR 1,075 Mn
Internal Generation
* The loans from HBL and MCB carries fixed markup rate of up to 2.40%
per annum, whereas loan from Karandaaz carries fixed markup of 3% per
annum.
PAGE13
36%
64%
Line I
Line II / Interchangeable
Additional Equipment Cost
(For Broadening Product Base &
Improving Process Efficiencies)
Rs. 560
Mn
The Company remitted advances to various equipment suppliers in
range of 30% to 40% at average USD / PKR rate of 155, which have
resulted in overall project cost to be settled at approximately USD /
PKR rate of 200.
Additional CapexFrom IPO Proceeds
Additional Capex is partly
interchangeable for Line I and
Line II
Additional CapexAllocation
STRICTLYCONFIDENTIAL

14. PAGE14PAGE14
04. Product Portfolio
BF BIOSCIENCES LIMITED

15. PAGE15
Portfolio
Therapeutic
Range
Nephrology
Cardiology
Gastroenterology
Oncology
Anti-viral
Hepatology
Diabetes
Anti-Fungal
Hepatology
Nephrology
Dermatology
Others
Anti-Fungal/
Oncology
27%
40%
12%
8%
7%
Therapeutic
Class
Sales
Mix
Dermatology
Rheumatoid Arthritis
Cardiology 6%
STRICTLYCONFIDENTIAL

16. PAGE16
Portfolio (Emerging Brands)
Sematide
Ferium
Noxane
Omega
Ferulin
Key
Products
Indication Patient GroupAPI
Treatment for diabetesHuman Insulin Patients with Type 1 and
Type 2 diabetes mellitus
Glucagon-like peptide 1
(Glp1) used to control
blood sugar together with
exercise and diet control
Semaglutide
Patients with type 2
diabetes and obesity
Iron replacement for
treatment of Iron
deficiency
Ferric Carboxy MaltosePatients with iron
deficiency anemia (IDA)
Treatment of anemia due
to chronic kidney disease
(CKD)
Recombinant human
erythropoietin
Patients with chronic kidney
disease requiring anemia
management
Anticoagulant for treating
and preventing DVT and
pulmonary embolism
Enoxaparin Sodium Patients requiring
anticoagulation therapy.
Treatment of
Gastroesophageal Reflux
Disease (GERD)
Omeprazole
Patients with Gastroesophageal
Reflux Disease (GERD), peptic
ulcers, and Zollinger-Ellison
Syndrome
Molecule
Market Size
Rs. 12 Bn +
Rs. 2 Bn +
Rs. 2 Bn +
Rs. 3 Bn +
Rs. 4 Bn +
EritrogenRs. 1.5 Bn +
FERIUM
Product Image
STRICTLYCONFIDENTIAL

17. PAGE17
Portfolio
Filgen
Novapressin
Vorif
Rifaxa
Icon
Peg INF
Key
Products
Market
Share
85%
100%
70%
56%
56%
54%
Indication Patient GroupAPI
Treatment of Hepatitis C
(HCV)
Pegylated interferon
alfa-2a
Patients with Hepatitis C,
used in combination therapy
with oral treatments for HCV
delta virus
Treatment to increase
white blood cell levels in
cancer patients
Filgrastim
Patients undergoing
chemotherapy or with low
white blood cell counts due
to cancer treatment
Treatment of bleeding
esophageal varices
Terlipressin acetate
Patients with bleeding
esophageal varices;
primarily used in hospitals
and healthcare institutions
Treatment of digestive
complications
Rifaximin
Patients with traveler's
diarrhea and IBS, especially
Hepatology segment
Antifungal treatment for
fungal infections in lungs
and blood
Voriconazole Patients with fungal
infections; used in oncology
and antifungal therapy
Broad spectrum
antifungal infections
treatment
Itraconazole
Patients with fungal
infections
Product Image
STRICTLYCONFIDENTIAL

18. PAGE18
Portfolio
STRICTLYCONFIDENTIAL

19. PAGE19PAGE19PAGE19
05. Industry Overview
BF BIOSCIENCES LIMITED

20. Overview
PAGE20
Global
Pharma Industry
The pharmaceutical sector continues to
thrive, propelled by its integral role in
addressing global healthcare needs and
improving patient outcomes.
Industry
Structure
Leading global firms control R&D and
patent ownership, while smaller firms
either manufacture off-patent products
or operate under patent licenses.
Growth
Prospects
Pharmaceutical market is projected to
reach USD 2.83Trillion by 2033 with
a staggering 6.15% CAGR.
Retail Pharmaceutical Business in Pakistan
Composition in Pakistan
STRICTLYCONFIDENTIAL

21. Overview
PAGE21
Key
Sector Insights
Material
Imports
Exports
Gross
Revenue
828 Bn
349 Bn
80 Bn
Export
Destinations
Vietnam
Kenya
Singapore
China
Hong Kong
K.S.A
Turkey
S. Africa
Emirates
24%
15%
12%
8%
7%
7%
5%
3%
3%
U.A.E
TURKEY
KSA
SINGAPORE
THAILAND
KENYA
CHINA
HONG KONG
U.S.A
VIETNAM
S.A
STRICTLYCONFIDENTIAL

22. Overview
PAGE22
Regulatory
Environment
The industry is regulated by the Ministry
of National Health Services Regulations
& Coordination (NHSR&C) and the Drug
Regulatory Authority of Pakistan (DRAP),
overseeing the registration and pricing
of medicines.
Pharmaceutical companies are required
to obtain and renew licenses from DRAP
every five years to import, manufacture
or, sell drugs within the country.
By deregulating non-essential drug
prices, the Federal Government has
allowed pharma industry to determine
prices of non-essential products,
which is expected to positively impact
the industry's financial health. Apart
from non-essential, all drugs prices are
regulated.
Essential Drugs:
MRP increase by 70% of CPI (Cap of 7%)
Non-Essential Drugs:
Prices are deregulated and are based on
market competition now.
Annual Price Adjustment
Low priced Drugs are such that their MRPs are
lower than the threshold prescribed by DRAP
MRPs of such drugs are to be increased
equivalent to CPI every year, subject to
conditions
Low Priced Drugs
First Generic:MRP of drugs to be set at
30% less than the cost of the Originator
brand, subject to conditions
In other cases, MRP fixed at prevailing
highest MRP of Generic brand in the
market
New Drugs
Locally Manufactured Drugs: MRP = Cost x Factor
Imported Drugs: Trade Price= Landed Cost + mark
up 45% (40% markup for anti-cancer, biological
etc.)
Partially Imported Drugs: Trade Price = Landed
Cost + packaging cost + markup
Hardship Cases
Drug Pricing
Policy 2018
STRICTLYCONFIDENTIAL

23. PAGE23PAGE23PAGE23PAGE23
06. Key Milestones
BF BIOSCIENCES LIMITED

24. PAGE24
Milestones
2006
2009
2020
2021
2021
2023
BFBL
Incorporated,
Pursuant
to Agreement
Between FLL & Bago
Financial Close of
Brownfield
Expansion
Finalization of
Licensing Agreement
With Gilead Sciences
PESA Award for
Export of Remdesivir
MJ Biofarm’s
Agreement for Insulin
Production
Implementation of
SAP S/4 HANA
Start of Local
Manufacturing
2023
Launch of:
i. Etanercept in PFS
ii. Erythropoietin in PFS
iii. Enoxaparin Sodium in PFS
2024
Completion of Line II
Launch of Human Insulin
STRICTLYCONFIDENTIAL

25. PAGE25PAGE25PAGE25PAGE25
07. Financial Highlights
BF BIOSCIENCES LIMITED

26. Highlights
PAGE26
PKR2,915 Mn+
REVENUE –9MFY 2024
PKR314 Mn+
NPAT -9MFY 2024
GROSS
43%
11%
MARGIN
NET PROFIT
MARGIN
INCOME
STATEMENT
42%
REVENUE CAGR
4 YEARS
1,755
1,521
1,810
2,915
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Revenue
FY 21FY 22FY 239MFY 24
796
458 449
1,262
0
200
400
600
800
1,000
1,200
1,400
Gross Profit
FY 21FY 22FY 239MFY 24
608
307
149
314
0
100
200
300
400
500
600
700
Net Profit
FY 21FY 22FY 239MFY 24
647
386
321
579
0
100
200
300
400
500
600
700
EBITDA
FY 21FY 22FY 239MFY 24
EBITDA
22%
MARGIN
146%
YoY
243%
YoY
STRICTLYCONFIDENTIAL

27. PAGE27
Highlights
Profit or Loss Projections -Best Case Scenario (With Export Sales)
PKR (Mn) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 EFY 2026 EFY 2027 EFY 2028 EFY 2029 E
Revenue (Local) –net 844 1,025 1,768 3,607 6,476 8,264 10,209 12,353 14,910
Revenue (Export) -net 911 496 42 53 759 1,247 1,617 2,095 2,715
Revenue -net 1,755 1,521 1,810 3,660 7,235 9,511 11,826 14,449 17,625
Less: Variable cost of
sales
(606) (677) (908) (1,456) (3,097) (4,150) (5,228) (6,448) (7,860)
Less: Fixed overheads (352) (386) (452) (646) (1,215) (1,479) (1,770) (2,078) (2,427)
Cost of sales (958) (1,063) (1,360) (2,102) (4,312) (5,629) (6,998) (8,526) (10,288)
Gross profit 796 458 450 1,558 2,923 3,882 4,828 5,922 7,338
Administrative expenses(41) (42) (23) (39) (69) (86) (102) (117) (135)
Selling and distribution
expenses
(112) (145) (137) (723) (1,477) (1,861) (2,263) (2,662) (3,137)
Other expenses (43) (28) (28) (60) (90) (133) (172) (226) (304)
Other income 70 172 94 22 3 3 3 3 3
Operating profit 671 414 356 758 1,289 1,805 2,293 2,920 3,764
Finance cost (25) (66) (153) (153) (228) (243) (267) (253) (183)
Profit before taxation 646 349 202 604 1,061 1,562 2,026 2,666 3,581
Taxation (38) (42) (53) (218) (414) (609) (790) (1,040) (1,397)
Profit after taxation 608 307 149 387 647 953 1,236 1,626 2,184
STRICTLYCONFIDENTIAL

28. PAGE28
Highlights
Profit or Loss Projections -Base Case Scenario (Without Export Sales)
PKR (Mn) FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 EFY 2026 EFY 2027 EFY 2028 EFY 2029 E
Revenue -net 1,755 1,521 1,810 3,660 6,476 8,264 10,209 12,353 14,910
Cost of sales (958) (1,063) (1,360) (2,102) (4,084) (5,255) (6,513) (7,898) (9,473)
Gross profit 797 458 450 1,558 2,392 3,009 3,696 4,455 5,437
Administrative expenses (41) (42) (23) (39) (69) (86) (102) (117) (135)
Selling and distribution
expenses
(112) (145) (137) (723) (1,250) (1,487) (1,859) (2,138) (2,459)
Other expenses (43) (28) (28) (60) (66) (93) (113) (149) (203)
Operating profit 671 415 356 758 1,009 1,346 1,625 2,055 2,644
Finance cost (25) (66) (153) (154) (228) (250) (291) (305) (256)
Profit before taxation 646 349 202 605 781 1,096 1,333 1,750 2,387
Taxation (38) (42) (53) (218) (305) (427) (520) (682) (931)
Profit after taxation 608 307 149 387 476 669 813 1,068 1,456
Number of Shares 63 63 63 63 88 88 88 88 88
EPS (PKR) 9.60 4.85 2.35 6.11 5.34 7.47 9.11 11.98 16.40
Gross Margin 45% 30% 25% 43% 37% 36% 36% 36% 36%
EBITDA Margin 40% 29% 22% 22% 20% 20% 19% 19% 20%
Operating Margin 38% 27% 20% 21% 16% 16% 16% 17% 18%
Net Margin 35% 20% 8% 11% 7% 8% 8% 9% 10%
Book Value per share* (PKR) 61.22 63.03 66.87 71.52 77.61 85.90
* Including Revaluation Reserves
STRICTLYCONFIDENTIAL

29. Highlights
PAGE29
PKR5,882 Mn+ (Cost)
PKR7,398 Mn+ (Rev. Amount)
TOTAL ASSETS –9MFY 2024
PKR3,594 Mn+
TOTAL LIABILITIES -9MFY 2024
RETURN ON
14%
55%
EQUITY
GEARING
RATIO
BALANCE
SHEET
36.1
BREAKUP VALUE
PER SHARE (Cost)
2,995
4,435
5,667
5,882
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Total Assets
FY 21FY 22FY 239MFY 24
1,039
2,140
4,076
4,170
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Non-Current Assets
FY 21FY 22FY 239MFY 24
1,528
2,610
3,693
3,594
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Total Liabilities
FY 21FY 22FY 239MFY 24
1,467
1,825
1,974
2,288
0
500
1,000
1,500
2,000
2,500
Shareholder's Equity
FY 21FY 22FY 239MFY 24
BREAKUP VALUE
PER SHARE (Rev.)
60.1
STRICTLYCONFIDENTIAL

30. STRICTLYCONFIDENTIAL PAGE30
Balance Sheet (Mn)FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 EFY 2026 EFY 2027 EFY 2028 EFY 2029 E
PPE 1,034 2,135 4,070 4,139 4,567 4,293 4,018 3,743 3,466
Intangibles - - 1 1 - - - - -
Long term deposits 5 5 5 8 8 8 8 8 8
Deferred taxation - - - 13 13 13 13 13 13
Non-current Assets 1,039 2,140 4,076 4,161 4,588 4,314 4,039 3,764 3,487
Stores, spare parts 42 74 83 100 105 111 116 122 128
Stock in trade 314 333 769 843 1,679 1,960 2,677 3,246 3,893
Trade debts –
considered good
202 53 94 243 532 679 839 1,015 1,225
Loans and advances -
considered good
28 15 14 82 90 99 109 120 132
Deposits, prepayments
and other receivables
27 199 91 150 165 181 200 220 242
Short term investments 822 1,299 147 39 - - - - -
Income tax -net 99 111 138 - 50 50 50 50 50
Cash and bank balances 422 211 255 256 256 255 255 255 255
Current Asset 1,956 2,295 1,591 1,713 2,877 3,335 4,246 5,028 5,925
Total Assets 2,995 4,435 5,667 5,873 7,465 7,650 8,285 8,791 9,412
Highlights

31. STRICTLYCONFIDENTIAL PAGE31
Balance Sheet (Cont.)FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 EFY 2026 EFY 2027 EFY 2028 EFY 2029 E
Issued, subscribed and
paid up share capital
190 190 190 190 265 265 265 265 265
Unappropriated profit 1,201 1,502 1,784 2,171 2,411 2,750 3,161 3,699 4,431
Equity Issuance - - - - 1,375 1,375 1,375 1,375 1,375
Equity portion of
convertible loan
76 133 - - - - - - -
Total Equity 1,467 1,825 1,974 2,361 4,051 4,390 4,801 5,339 6,071
Deferred tax 16 27 14 - - - - - -
Long term debts 1,046 1,868 2,276 1,988 1,569 1,141 713 452 190
Non-current Liabilities1,062 1,895 2,290 1,988 1,569 1,141 713 452 190
Trade and other payables421 432 443 515 504 648 803 974 1,168
Short term borrowings –
secured
- 149 473 591 913 1,043 1,582 1,766 1,722
Current portion of long
term debts
45 134 487 418 428 428 386 261 261
Current Liabilities 466 715 1,403 1,525 1,845 2,119 2,772 3,001 3,151
Total Equity and
Liabilities
2,995 4,435 5,667 5,873 7,465 7,650 8,285 8,791 9,412
Highlights

32. PAGE32PAGE32PAGE32PAGE32
08. Directors & Management
BF BIOSCIENCES LIMITED

33. PAGE33
Directors & Management
Mr. Ferrarassi represents the interests
of Bago Laboratories and serves as
Chairman on the company’s board.
With over 30 years of extensive
experience in the pharma industry, he
brings a wealth of knowledge and
expertise that greatly enhances the
board’s strategic decision making
process.
He offers a unique perspective that
enriches the board’s ability to navigate
global markets and identify emerging
opportunities. His insights into
international market dynamics and
cross-border business practices are
instrumental in guiding the company's
global strategy and fostering strategic
partnerships worldwide.
BOARDOF DIRECTORS
He has over 30 years of experience in the industry
and is currently serving as the Chief Executive of
the parent company. He holds several executive
posts in other blue-chip entities such as Ferozsons
Laboratories Limited, Packages Limited and
National Management Foundation.
OSMAN KHALID WAHEED
NON-EXECUTIVE DIRECTOR
She has been serving as a non-executive director on
the company's board and possesses over 25 years of
extensive industry experience. She effectively adds
valuable insights to the board's successful decision-
making process and has also been associated with
the parent company’s Board.
MUNIZE AZHAR PERACHA
NON-EXECUTIVE DIRECTOR
She possesses more than 40 years of extensive
industry experience and has served as the CEO of
the parent company for over 20 years during which
the company achieved several milestones including
partnerships with world's renowned companies
Boston Scientific, Gilead Sciences and others.
AKHTER KHALID WAHEED
EXECUTIVE DIRECTOR
Holds an MSc in Social Policy and Planning in
Developing Countries from the LSE. Since joining the
Civil Service of Pakistan in 1985, he has held senior
positions including Secretary of the Cabinet Division,
Chief Secretary of KPK, Federal Secretary of the
Ministry of National Health Services and Chairman of
the State Life Insurance Corporation of Pakistan.
NAVEED KAMRAN BALOCH
INDEPENDENT DIRECTOR
Seasoned chartered accountant with over 30 years
in the pharmaceutical industry. His career includes a
notable tenure as the CEO of Pfizer Pakistan, where
he led significant operational expansions. Prior to
this role, he served as Finance Director for various
companies, including Pfizer and Parke Davis.
S M WAJEEH UDDIN
INDEPENDENT DIRECTOR
She is a Partner at Khan & Piracha, a legal firm
serving national and multinational clients. Her
career includes serving as a Member of National
Assembly, participating in the Inter-Parliamentary
Union in Geneva and being Pakistan's nominee for
the UN Human Rights Commission (1996).
AMNA PIRACHA KHAN
NON-EXECUTIVE DIRECTOR
SEBASTIAN MARTIN FERRARASSI
CHAIRMAN
STRICTLYCONFIDENTIAL

34. PAGE34
Mrs. Akhter Khalid Waheed has been
serving as the Chief Executive Officer of
the company since 2016. Prior to this
role, she was a non-executive director
on the board of BF Biosciences Limited
since 2006.
Additionally, she served as the CEO of
the parent company for over 20 years,
achieving major milestones, including
partnerships with Boston Scientific and
Gilead Sciences. With over 40 years of
extensive industry experience, Mrs.
Akhter has a demonstrated track record
of driving progression and innovation,
including successfully distributing
Remdesivir injections during COVID-19
pandemic.
SENIORMANAGEMENT
Mr. Rehman is a Chartered Accountant from ICAEW,
having core expertise in financial management and
corporate governance. He has a proven track record
of maintaining financial health during critical times
and has played a key role in the brownfield expansion
project. He is skilled in secretarial management and
excels at building strong relationships with financial
institutions.
ABDUR REHMAN
CFO & COMPANY SECRETARY
A veteran pharma professional with over two decades
of experience in sales and marketing. He has directed
successful turnarounds at Ferozsons and BFBL. His
earlier roles at Highnoon, Hilton and Searle highlight his
significant contributions to the industry growth.
AAMIR ZAFAR
GROUP CHIEF COMMERCIAL OFFICER
Mr. Farhan is a Chartered Accountant from ICAP and
ICAEW. He has a proven track record of turning around
challenging projects, including the Rs. 4 Bn brownfield
expansion at BFBL. He possesses a decade plus experience
in pharma industry with deep under-standing of finance,
commercial, regulatory, supply chain and business
development processes. He works closely with the CEO
and other executives to develop and execute strategic
plans to drive innovation & growth in the Company.
FARHAN RAFIQ
CHIEF OPERATING OFFICER
Leads the commercial team at BF Biosciences and
has successfully expanded the company’s commercial
portfolio. With over two decades of experience in
sales and marketing, he is a key strategic leader with
a deep understanding of various therapeutic areas.
His previous positions at AGP and Merck Serono
underscore his expertise in the pharma industry.
RASHID HUSSAIN
DIRECTOR COMMERCIAL
Mr. Muzammil Ijaz is serving as the Head of Internal
Audit, overseeing compliance and governance. As a
Chartered Accountant,he has strong credentials in
the audit, risk, compliance and governance of public
companies through his experience with Ernst and
Young Pakistan.
MUHAMMAD MUZAMMIL IJAZ
HEAD OF INTERNAL AUDIT
A dynamic professional with nearly 20 years of
experience. He holds a M Pharm in Pharmaceutics
and has held leadership roles in pharma industry.
He is a GSK globally certified GMP auditor with a
versatile background in Pharma Manufacturing,
Quality Operations and R&D.
KHURRAM RAFIQ AHMED
DIRECTOR PLANT OPERATIONS
AKHTER KHALID WAHEED
CHIEF EXECUTIVE OFFICER
Directors & Management
STRICTLYCONFIDENTIAL

35. PAGE35PAGE35PAGE35PAGE35
09. Investment Highlights
BF BIOSCIENCES LIMITED

36. PAGE36
Investment Highlights
Attractive Valuation:
BFBL’s current floor price of PKR 55.00 per share
translates into a trailing P/E multiple of 9.38x,
significantly lower than the industry average of
22.45x.
Undervalued Stock:
The price to book value (P/B) ratio stands at 1.52x
compared to the industry average of 2.16x,
indicating potential upside in valuation.
If impact of revaluation is incorporated in P/B ratio,
the adjusted ratio comes out to be 0.92x.
Strong Valuation Metrics
Ageing Population:
Pakistan’s growing ageing population (over 16 Mn
people aged 60+) is driving demand for chronic
disease management, providing a steady market for
pharmaceutical products.
High Disease Prevalence:
With approx. 30% of the adult population diabetic,
BFBL’s entry into insulin and semaglutide production
addresses a critical market gap. The human insulin
market is valued at PKR 12 Bn and growing at 22%
annually, while semaglutide market is valued at PKR
2 Bn (100% annual growth).
Robust Revenue Drivers
Strategic Product Launches:
BFBL is expanding its product line with key molecules
including Insulin, Semaglutide (for diabetes & obesity),
and Carboxy Maltose (for anemia) targeting unmet
patient needs.
New Approvals:
Recent DRAP approvals for Acyclovir, Azithromycin,
and other products, alongside the expansion of
manufacturing capacity, position BFBL for broad
market reach and revenue growth.
Expanding Product Portfolio
Partnerships and Licensing:
BFBL’s local manufacturing of Remdesivir, under
license from Gilead Sciences and onward supply of
product to 15+ countries showcases its capability to
serve global markets and develop strategic
partnerships.
Expansion in Exports:
Favorable export policies and registrations for new
launches support BFBL’s international market
expansion and revenue diversification, paving the way
for broader global reach and financial growth.
Partnerships and Global Presence
OUR PROPOSITION
BF Biosciences
Portfolio of
Products (SKUs)
40+
Operating in
Segments
Exports to
Countries15+
10+
Marketing
Team 300+
Production
CapacityUp to10x
Enhanced
STRICTLYCONFIDENTIAL

37. PAGE37
Investment Highlights–Peer Group
Company
EPS
(TTM)
Gross Profit
Margin
Net Profit
Margin
BVPS MVPS P/E P/B
ROE
(TTM)
ROA
(TTM)
Market
Cap (Mn)
Highnoon Labs. 47.95 48.45% 12.60% 195.53 705.84 14.72 3.61 24.52% 17.82% 37,933
Haleon Pak. 11.46 22.00% 4.23% 74.09 286.12 24.96 3.86 15.47% 6.52% 46,947
AGP 4.56 43.13% 8.54% 37.74 95.20 20.86 2.52 12.09% 7.31% 27,664
Hoechst Pak. 109.26 24.08% 4.60% 602.11 1,550.21 14.19 2.57 18.15% 9.75% 19,772
Citi Pharma 3.53 12.12% 6.17% 24.00 29.51 8.36 1.23 14.70% 7.64% 7,594
Macter Int. 7.74 41.00% 5.15% 68.26 95.00 12.27 1.39 11.35% 6.82% 4,879
IBL Health-Care 2.47 34.69% 5.05% 26.72 30.90 12.49 1.16 9.26% 5.97% 2,702
Abbott Lab. 20.43 22.54% 3.47% 202.60 718.47 35.18 3.55 10.08% 5.54% 72,327
Ferozsons Lab. 11.36 37.77% 3.26% 205.25 244.85 21.55 1.19 5.54% 2.74% 12,277
GlaxoSmithKline Pak. 2.10 8.49% 1.24% 69.84 137.02 65.26 1.96 3.01% 1.67% 49,662
Otsuka Pak. 6.97 19.47% 2.98% 58.08 119.42 17.13 2.06 12.00% 3.55% 1,537
The Searle Co. (2.13) 36.62% (2.99%) 69.38 55.58 N/A 0.80 (3.07%) (1.63%) 29,227
Sector Average 22.45 2.16
Sector Median 17.13 2.01
KSE-100 4.44 0.91
BFBL (Pre-issue) 5.86 40.33% 10.49% 36.13 55.00 9.38 0.92* 16.23% 6.31%
BFBL (Post-issue) 13.08 0.94*
* Including Revaluation Reserves
STRICTLYCONFIDENTIAL

38. PAGE38
GET IN TOUCH
ContactDetails
Arif Habib Limited
23 Moulvi Tamizuddin Khan Rd,
Lalazar, Karachi, Karachi City,
Sindh 74000
www.arifhabibltd.com
[email protected]
Lead Manager
RaheelAhmed
Associate–InvestmentBanking
ArifHabibLimited
[email protected]
Tel:[phone]Ext:279
YousafBashir
MD–InvestmentBanking
ArifHabibLimited
[email protected]
Tel:[phone]Ext:253
NaveedSaid
Analyst–InvestmentBanking
ArifHabibLimited
[email protected]
Tel:[phone]Ext:229
Any
Question?
BF Biosciences Limited
5 KM Sunder Raiwind Road,
Lahore
www.bfbio.com
[email protected]
Company Management
AbdurRehman
ChiefFinancialOfficer&CompanySecretary
BFBiosciencesLimited
[email protected]
Tel:[phone]Ext:715
M.FarhanRafiq
ChiefOperatingOfficer
BFBiosciencesLimited
[email protected]
Tel:[phone]Ext:717
FarhanRizvi
Director–InvestmentBanking
ArifHabibLimited
[email protected]
Tel:[phone]Ext:269

39. ThisInformationMemorandum(“IM”)describesandsummarizesthekeyhighlightsofBFBiosciencesLimited(“BFBL”orthe“Company”)anditisbeing
providedtoprospectiveinvestorswhomaybeinterestedinparticipatingintheInitialPublicOffer(“Transaction”)byBFBL.
AllinformationpertainingtothisTransactionandcontainedinthisInformationMemorandumhasbeenobtainedfromBFBLandotherpubliclyavailable
sources.TheinformationcontainedinthisIMhasbeenreviewedandagreeduponbytheCompany.Whiletheinformationcontainedhereinisbelievedtobe
accurateandcomplete,norepresentationorwarrantyismadebyArifHabibLimitedeitherexpressorimpliedastotheaccuracyorcompletenessofsuch
informationoranyotherwrittenororalcommunicationtransmittedorprovidedtoanyprospectiveinvestor,andAHLdisclaimsanyandallliabilitybasedon
suchinformationoromissionthereof.NothingcontainedinthisIMshouldbeconsideredapromise,confirmation,orrepresentationastothefuture,oran
indicationthattherehasbeennochangeinthestateofaffairsoftheCompanysincethedateofthisIM.
AHLhasbeenauthorizedbyBFBLtoprovidethisIMtoProspectiveInvestorswishingtoparticipateinthisTransaction,andtoassisttheminassessingthe
proposedTransaction.Prospectiveinvestorsshouldconducttheirownindependentinvestigation,duediligenceandanalysis,includinglegalandtaxadvice,if
required,beforetakinganydecisionwithregardtothisTransaction.
ThisIMdoesnotconstituteaprospectusoranoffertothepublicbyAHLandisbeingprovidedonastrictlyandpermanentlyconfidentialbasis,solelyforthe
purposestatedaboveandfornootherpurpose.Itmustnotbecopied,reproduced,ordistributedinanyshapeorformtootherswithoutpriorapprovalofAHL
THERECIPIENTOFTHISIMMUSTMAKEANDWILLBEDEEMEDTOHAVEMADEITSOWNINDEPENDENTINVESTIGATIONANDANALYSISBEFORETAKING
ANYDECISIONWITHREGARDSTOPARTICIPATINGINTHETRANSACTION.
PAGE39
Disclaimer

40. Initial Public Offering
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